TIAA Henderson Real Estate (TH Real Estate), the global alliance between TIAA-CREF and Henderson Global Investors, has appointed Carsten Kebbedies as head of business development for Asia Pacific.
Based in Singapore, Kebbedies will now be responsible for the development and implementation of investment products, and identifying opportunities for the extension of the firm’s activities in the region.
The appointment comes amid the firm’s plans of expanding its investments in the region. Kebbedies told PERE that the firm is actively on the lookout for core real estate deals in Japan and Singapore. TH Real Estate is said to be seeking co-investment opportunities in the regions, similar to its investment strategy currently in Australia, and may also consider raising a regional fund to deploy capital.
“We see great opportunities in the region, both for our investors and asset managers due to compelling economic and demographic growth figures. We are excited to have Carsten on board to develop new products that cater specifically to the Asia-Pacific market,” Chris Reilly, managing director of Asia-Pacific at TH Real Estate said in a statement.
With over 14 years’ experience in the industry, Carsten has been working with the firm since 2006, when he joined as a transaction structuring manager with Henderson Global Investors. He has also previously worked for KPMG’s Germany operations, where he consulted clients on cross-border M&A activity and acquisition structure.
Reilly further added: “Carsten brings exceptional skills, combined with great M&A experience to the TH Real Estate Asia-Pacific team. His appointment underscores our commitment to the Asia-Pacific region.”
At the same time, the firm is also looking to team up with Asian institutional investors for co-investment deals in overseas markets. In October last year, it acquired the Islazul Shopping Centre in Madrid from Ivanhoe Cambridge and Grupo Lar, a Spanish real estate developer and investor, via a co-investment deal with an Asian investor. The purchase price was reported to be close to €230 million.
The firm also made its first investment in Australia last year, with the acquisition of a 75 percent stake in a regional shopping center in Brisbane for A$416.25 million (€301.08 million; $322.42 million). This was followed by another investment in the country in October, when it bought a 50 percent stake in an office and retail complex in Sydney from the listed Australian developer Mirvac for A$300 million.
TH Real Estate was officially launched in April 2014 as a 60:40 joint venture between the US pension TIAA-CREF and Henderson Global Investors.